v3.20.1
Discontinued Operations
 3 Months Ended
Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

Note 6 – Discontinued Operations

 

In March 2019, Management decided that it made overall economic sense for the Company to close its employment placement services business in Dubai; hence, in order to fully concentrate on its core business of Independent Financial Advisory services and consultancy business, the Board of Directors decided to initiate liquidation proceedings of the Dubai subsidiary “GE Professionals DMCC” and discontinue the related employment placement services business. As a result, Dubai subsidiary operations for the three months ended March 31, 2020 and 2019 are treated as discontinued operations in the accompanying unaudited consolidated financial statements. The consolidated statements of operations only comprise the continuing operations. Net income from the discontinued operations is presented on a single line after the net income from the continuing operations.

 

There were no assets and liabilities from discontinued operations as at March 31, 2020 and December 31, 2019.

 

Statement of Operations from discontinued operations for the three months ended March 31, 2020 and 2019 was as follows:

 

    March 31, 2020     March 31, 2019  
Revenue   $ -     $ -  
                 
General and administrative expenses   $ -     $ 8,085  
Compensation expense     -       22,743  
Professional services     -       2,382  
Depreciation     -       77  
Loss from discontinued operations   $ -     $ (33,287 )
Other income (expenses)                
Loss due to fixed assets write off   $ -     $ (164 )
Exchange rate loss     -       (187 )
Total other (expenses) / income   $ -     $ (351 )
Net loss from discontinued operations   $ -     $ (33,638 )